Corporate & Investment Bank. “Following a project-based approach for the planning and execution
of compliance teams’ work can do wonders [and]
enable compliance teams to enforce regulations in
organizations with the utmost ease.”

TEAM EFFORT

Regulations can seem like a bunch of red tape to
just slash through. But it’s not that simple. Project
practitioners and compliance teams must make
their way through what is often an intricate web of
rules, guidelines, procedures and protocols—all of
which can change at seemingly a moment’s notice.

“With changing business dynamics and regula-tions, it has become essential for [project practi-tioners] to work in tandem with the complianceteam in order to execute organizational strategy,”Mr. Tilgule says. “For example, ;nancial securityand capital market project teams traditionally areconsidered two di;erent parts of [the organization]in investment banks. However, with the more strictand interrelated regulations imposed by regulators,[they need] to work hand in hand.”And that collaboration should be happening right“As a project manager, you have to be awarefrom the very beginning of the policies, gover-nance and laws around your project,” says EinasKhairy, PMP, project management office (PMO)compliance manager at the Qatar Ministry ofInformation and Communications Technology inDoha, Qatar.

Organizations are keenly aware of the threat: 74
percent of the 600 compliance professionals from
71 countries surveyed in a 2014 ;omson Reuters
Accelus survey said they expected to spend more
time managing regulatory risk. But more time might
not be enough time: 66 percent of compliance teams
spend three hours or less each week consulting with
their company’s risk function. And one-third of
teams spend less than an hour a week.

;at’s precisely where project and program practitioners can help by partnering up with their compliance peers.

“;ere’s plenty of opportunity for project practitioners to ;ll the gap and improve the e;ciency
of compliance teams,” says Vivek Tilgule, PMP,
compliance business analyst in the Singapore o;ce
of French ;nancial services ;rm Crédit Agricole